Cook County Prosecutors Charge 15 In Alleged Cash Back Fraud Racket Involving At Least 9 Homes Worth $4M+

In Chicago, Illinois, The Southtown Star reports:

• In what authorities say is a symptom of the excesses in the subprime mortgage market, 15 people have been charged with fraud involving at least nine homes valued at more than $4 million. The scam - led by a mortgage broker and a real estate agent - involved "straw buyers" taking out mortgages on homes for more than the asking price, Cook County prosecutors said. They said the extra money allegedly was divvied up among the participants. [...] The "common thread" was Durrel Castile, 26, and Andrew Lewis Jr., 34, Assistant State's Attorney Karyn Stratton said.

For more, see 15 people charged in mortgage scheme.